If your business imports or exports goods, then you will definitely want to make sure that you are aware of the amendments made to the Harmonized Commodity Description and Coding System, or the Harmonized System. Beginning this year, there have been a lot of changes made, including updated product codes.
If you are unsure about the changes that have been made, you will find the Harmonized System Correlation Tables to be quite useful. This guide serves as a quick reference to allow you to see the new product codes at a glance. These tables are not the latest legal documents, but they can be very helpful. Just be aware of the fact that there may be future changes made to the tables. Most of the changes that were made this year to the Harmonized System involve environmental issues. The changes allow monitoring of the current trends to ensure quality trade data.
When you are shipping goods, you will want to make sure that you use the right codes. Importing and exporting goods using the Harmonized System is vital to your business. The Customs departments around the world use these codes to classify certain products and apply any applicable fees or taxes.
The main reason that you need to be fully aware of the amendments made is because inaccurate classification of imports and exports can result in long delays when it comes to the release of the products. It can also result in monetary penalties and suspension of your importing and exporting privileges.